Republican president-elect Donald Trump gives a thumbs up to the crowd during his acceptance speech at his election night event at the New York Hilton Midtown in the early morning hours of November 9, 2016 in New York City.

The economic policies likely implemented by President-elect Donald Trump should boost areas of the market most sensitive to reflation, lower regulation and a strong dollar, according to JPMorgan, which on Wednesday released its 2017 playbook.

"Prospects of expansionary fiscal policies under a relatively easy monetary backdrop are likely to help support further re-rating of the equity multiple. We expect S&P 500 to reach 2,400 by year-end 2017, implying 9 percent upside," U.S. equity strategist Dubravko Lakos-Bujas wrote in a note to clients.

He believes the business cycle that started eight years ago remains intact and perhaps has entered a new "intraday-cycle expansion phase" that should carry through 2017.

"The recent U.S. election outcome and the pro-growth agenda of the new administration, if carried through, will likely increase the longevity of the expansion phase. On the global front the pickup in EM [emerging markets] and, more recently, European business cycle indicators have also been supportive," he said.